Equity release a turn-off for consumers

The latest survey results released by moneyfacts.co.uk has stated that 77% of consumers would not be interested in having an equity release mortgage.

The survey also highlighted that 61% of consumers are not happy with the level of service received from their bank and 29% of consumers have more than four credit cards.

Emma Butler, editor of Moneyfacts.co.uk, says: We are increasingly becoming a society that is more concerned with how much we can earn from financial providers rather than receiving a good level of service.

This is fortunate for the industry, with 61% of consumers not being satisfied with the level of service they receive.

It is good that consumers are concerned about the interest rates they earn, but with more and more bank branches closing and people increasingly turning to the internet to manage their everyday finances, customer service seems to be becoming a thing of the past.

Other results from the survey found that over half of the consumers asked feel that credit card rewards are a waste of time and that 5% believe rates are more important than service.